Marc Townsend, Managing Director, CBRE Vietnam
Hanoi, 7th April, 2016
1 CBRE | HANOI MARKET INSIGHTS | Q1 2016 NEW LEADERSHIP, DROUGHT AND CHINA
2 CBRE | HANOI MARKET INSIGHTS | Q1 2016 UP, UP AND AWAY
3 CBRE | HANOI MARKET INSIGHTS | Q1 2016 2016 SOUTH EAST ASIA HEADWINDS
4 CBRE | HANOI MARKET INSIGHTS | Q1 2016 2016 VIETNAM HEADWINDS Challenges from drought, salinization and (un)predictable weather patterns
Mekong Delta Dam Map, retrieved at www.internationalrivers.org.
5 CBRE | HANOI MARKET INSIGHTS | Q1 2016 VIETNAM ECONOMY Market recovery continues
6 CBRE | HANOI MARKET INSIGHTS | Q1 2016 VIETNAM ECONOMY 2016 starts on a mediocre note
Q1 2016 25
20 X GDP up 5.46% 15 (Q1 2015: 6.12%) 10 5
Interest rate (%)rate Interest 0
Committed FDI up
2014 2015 2008 2009 2010 2011 2012 2013
119% y-o-y to US$4 bn 2007 Q1/2016 Average CPI (y-o-y) Lending rate Deposit rate CPI up 1.7% y-o-y 720 6,000 650 5,000
FX Reserves up to
580 4,000 US$40bn and stable 510 3,000
US$/VND VND) VNIndex 440 2,000 370 1,000 Retail Sales up 8.9% 300 0 (Billions Value Trading
(in real terms)
Jul-14 Jul-15
Jan-14 Jan-15 Jan-16
Mar-14 Mar-15
Sep-15 Nov-15 Sep-14 Nov-14
May-14 May-15 Petro price hike 5% Trading value VNIndex y-o-y
7 CBRE | HANOI MARKET INSIGHTS | Q1 2016 VIETNAM ECONOMY
140
120
100
80 Index 60 Global Crude Oil
40 Mar 2015: 47.82
20 Feb-2016: 30.32
0
Mar 2016: 38.33
Jul Jul Jul
Jan Jan Jan
Mar Mar Mar Mar
Sep Nov Sep Nov Sep Nov
May May May 2013 2014 2015 2016
Government Bond VN-Index Local Gold USD/VND Crude Oil
Vietnam may see a high level of public debt at up to 60 percent of gross “ domestic product as the state's budget deficit is expected to expand amid limited collection Asian Development Bank” 8 CBRE | HANOI MARKET INSIGHTS | Q1 2016 FDI IN THE NEWS FDIs continue to grow into Real Estate
Vietnam, Registered FDI, Q1 2016 Major FDI Deals, Q1 2016
17% 1. Samsung to build a USD300 million data center Manufacturing in the Manor Central Park, Hanoi. 5% Real Estate 2. A Taiwanese investor invested USD220 million 6% Art, Entertainment to Tien Giang Province for Paper Manufacturing Company. 72% Others 3. Berjaya Corp. invest USD210.58 million (JV) to open a lottery project.
Registered FDI USD4 billion, up 120% y-o-y 4. A Korean investor invested USD171.4 million, for IP infrastructure and shoes wear manufacturing Top FDI Investors, USD million, Q1 2016 company in Can Tho Province.
Hong Kong 315 5. Samsung SDI Vietnam increased capital of USD117.6 million. Japan 345
6. Zincox Resources Public Limited Company invested Taiwan 466 USD115million in a steel-dust treatment and recycle company in Ba Ria-Vung Tau. Singapore 554
South Korea 889
9 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HANOI INFRASTRUCTURE Underpasses / overpasses at key intersections
Mai Dich - Nam Thang Long overpass
Long Bien steel overpass Hoang Quoc Viet - Buoi overpass
Dao Tan - Nguyen Khanh Toan overpass Cau Giay - Lang overpass
Nguyen Chanh - Hoang Minh Giam overpass Trung Hoa underpass Thanh Xuan underpass
Completed Under construction Under planning
Source: CBRE Vietnam.
10 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HCMC INFRASTRUCTURE 14 projects to start in 2016
An Suong Tunnel Pham Van Dong - 1A Highway Link
4 Underground Parking Projects
My Thuy Intersection
Binh Tien Bridge
Nhi Thien Duong 1 Bridge
D3 Road Vo Van Kiet – Trung Luong Link
11 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HANOI INFRASTRUCTURE Metro lines
Line Nhon - Hanoi Railway Station: Land clearance of 4 underground stations to be completed in April 2016
Line Ha Dong - Cat Linh: All pillars are completed. Trial operation to start in December 2016
Source: Baoxaydung.com.vn, Baogiaothong.vn, Cafef.vn, CBRE Vietnam
12 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HCMC INFRASTRUCTURE Metro line no.1
Elevated section will be ready in 2017 – 45% completed in Q1 2016.
Underground section will be ready in Feb 2019
Source: Vnexpress.net, Cafef, REIC, CBRE Vietnam, retrieved March, 2016.
13 CBRE | HANOI MARKET INSIGHTS | Q1 2016 DASHBOARD – PRODUCED MONTHLY
ECONOMIC 2Y 1Y 6M 3M 1M Current BANKING & FINANCE 2Y 1Y 6M 3M 1M Current INDICATORS VN-Index 588.9 551.1 562.6 579.0 559.4 561.2 CPI (%) y-o-y 4.6 0.9 0.7 0.6 1.0 1.3 USD/VND (inter-bank) 21,036 21,458 21,890 21,914 21,914 22,300
Trade balance (0.3) (1.4) (0.2) (0.6) 0.1 (0.1) Local gold (VND mil/tael) 35.8 35.1 33.8 32.5 33.4 33.2 (US$, bil) Lending Rate (%)* 12.8% 8.1% 8.4% 7.6% 7.6% 7.6% Retail & services 233.1 195.9 270.6 294.7 288.0 275.4 Deposit rate (%)** 7.5% 6.4% 6.3% 6.4% 6.4% 6.7% Turnover (VND, tril) (1-year term)
Source: GSO, April 1, 2016 Source: GSO, SBV, SJC & HSX, April 1, 2016
REAL ESTATE INDEX 2Y 1Y 6M 3M 1M Current NEW LAUNCHES 2Y 1Y 6M 3M 1M Current
Real Estate Holding & HCMC New launches 43,233 30,621 9,815 1,553 3,784 3,404 Development Listed 58.70 46.40 44.20 45.80 44.63 46.47 (unit) Companies
Real Estate Services 59.96 56.9 40.3 47.5 35.1 34.07 HN New launches (unit) 30,753 18,809 7,529 1,257 2,459 2,115 Listed Companies
Source: Stockbiz, April 1, 2016 Source: CBRE, April 1, 2016
(*) Current lending rate is the average lending rate surveyed at ten banks, and only applicable for home loan. However, the back-dated numbers were the average rate announced publicly at that point of time, applied for all sectors and all banks. The average lending rate is for reference only. (**) Deposit rate is the average deposit rate from a sample comprised of ten banks, in which the rates are announced publicly on their websites and can be tracked backwards.
14 CBRE | HANOI MARKET INSIGHTS | Q1 2016 BCI NUMBERS
Projects under construction, y-o-y change All future projects (2016 – 2030), y-o-y change
2016 YTD vs 2015 2016 YTD vs 2015 300% 300%
200% 200%
100% 100% 0%
0%
Percentage change Percentage Percentage change Percentage -100% HCMC Hanoi Da Can Khanh Vung Hai -100% HCMC Hanoi Da Can Khanh Vung Hai Nang Tho Hoa Tau Phong Nang Tho Hoa Tau Phong
Projects All Future Da Can Nha Vung Hai Da Can Nha Vung Hai Under HCMC Hanoi Projects HCMC Hanoi Nang Tho Trang Tau Phong Nang Tho Trang Tau Phong Construction (2015-2030)
Office 115 96 16 21 4 14 17 Office 195 188 47 30 7 31 35
Retail 68 40 13 4 4 11 5 Retail 112 86 30 5 12 16 9
Hospitality Hospitality 22 13 10 3 8 7 1 33 21 18 3 24 13 5 and SA and SA
Residential 189 60 12 5 3 12 6 Residential 287 156 32 10 13 16 10
Total 394 208 51 33 19 44 29 Total 626 454 127 48 54 77 60
Source: www.bciasia.com; CBRE Vietnam, April 2016. Source: www.bciasia.com; CBRE Vietnam, April 2016.
15 CBRE | HANOI MARKET INSIGHTS | Q1 2016 LEGISLATION NEWS The proposed Amended Circular 36
16 CBRE | HANOI MARKET INSIGHTS | Q1 2016 LEGISLATION NEWS VND30-trillion Home Loan Program & Future-Formed Project Approvals
HCMC Department of Construction (HDC) has just announced 31 projects having been approved to sell the future-formed apartments from 1st Jul 2015 to 28th Mar 2016. The State Bank of Vietnam (SBV) has told commercial banks to stop signing new contracts with customers under the CONDOMINIUM Government-endorsed VND30-trillion home HDC approved 24 projects; 9,854 units loan program from March 31. As the loans pledged within the program have CBRE tracked 66 projects, 32,522 units exceeded VND30 trillion (US$1.34 billion), the central bank has told lender banks to focus on loan disbursements, instead of clinching new deals. … Participating in the home loan program are 19 commercial banks: Agribank, BIDV, Vietcombank, VietinBank, PVcomBank, Eximbank, SHB, TPBank, SCB, NamABank, SeaBank, VPBank, OCB, The VND30 trillion preferential credit package for low- LienVietPostBank, VietBank, VIB, NCB, income homebuyers is officially ending after 36 BaoVietBank and ACB. months. Homebuyers not receiving their funds until According to the SBV, banks have pledged around after June 1 may be in for a shock. Although they will VND30.12 trillion (US$1.3 billion) in loans for still benefit from the soft credit package, they will be 46,246 customers, with over VND21.32 trillion of it subjected to an interest rate at least double the disbursed as of March 10. current preferential rate of 5 per cent per annum.
17 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RESIDENTIAL
18 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RESIDENTIAL Rise of New High-end Large-scale Residential Projects in Hanoi
Imperia Garden Park 10 (Times City) Vinhomes Gardenia Developer: HBI – M.I.K Developer: Vingroup Developer: Vingroup Scale: 1,652 condos + 42 landed Scale: 600 condominium units Scale: ~2,000 condominium units + houses 363 landed houses
The Nassim (a luxury project in HCMC launched in Hanoi) Developer: Hong Kong Land & Son Kim Land Scale: 238 condominium units Sales Event: March 18-19, 2016
19 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RESIDENTIAL Rise of New Luxury Residential Projects in HCMC
EMPIRE CITY MADISON THE NASSIM Developer: Tien Phuoc, Keppel Land, Developer: Novaland Developer: Hong Kong Land & Son Kim Gaw Capital and Tran Thai Scale: 115 condos + 72 office-tel units Land Scale: ~3,000 condominium units VIP Preview Event: Saturday, March Scale: 238 condominium units VIP Preview Event: Friday, March 18, 12, 2016 Sales Event: Sunday, March 27, 2016 2016
VINHOMES GOLDEN RIVER Developer: VinGroup ~3,000 condominiums @ US$4,000-$5,000/sm with ~5,000 sales20 brokers Sales Training CBRE Event: | HANOI Tuesday,MARKET INSIGHTS March | Q1 22, 201 20166
Vinhomes Golden River - big wave of HCM, 4000 units with 4500 sales RESIDENTIAL Affordable Fever in HCMC
2007 Fever at The Vista An Phu, District 2
9 VIEW APARTMENT DREAM HOME PALACE Developer: Hung Thinh Corporation Developer: Nha Mo Scale: 690 condo units Scale: 978 condo units Launch Event: Sunday, March 20, 2016 Sales Event: Saturday, Jan 16, 2016
Source: www.google.com, retrieved in March 2016. 21 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RESIDENTIAL Hanoi Developments Along Ring Road No.3
Green Stars
FLC Starlake Tay Ho Tay Complex Pham Hung Vinhomes Paradise Me Tri
Vinhomes Tran Duy Hung
Ecolife Capital Vinhome Paradise Me Tri The Manor Eco Green City Gamuda22 Gardens CBRE | HANOI MARKET INSIGHTSCentral | Q1 201 P6ark TAN CANG RESIDENTIAL Saigon River Today BASON
Source: CBRE, www.reic.info, http://khudothisala.vn/, taken/retrieved in March 2016. THU THIEM
23 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM Q1 2016 still a positive start HANOI HCMC 4,138 units 7,708 units launched launched -18% y-o-y +38% y-o-y
Launches Launches ~34% 26 %
-9 ppts y-o-y +1 ppts y-o-y
Net absorption* Net absorption*
4,048 units 9,090 units sold sold
-5% y -o-y +25% y-o-y
Sales Sales
High-end Marketwide High-end Marketwide +4% - +7% 0% +8% +5.2% y-o-y Y-o-y Asking price Asking price y-o-y y-o-y (Primary) (Primary) (*) Net absorption = Total units sold in primary market in the review period / (newly launched units in the review period + unsold units in the previous period) Source: CBRE Vietnam, Q1 2016. 24 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM Hot Spots Clusters of Total Launched Supply in Q1 2016 Clusters of Total Launched Supply in Q1 2016 North North HANOI 9% HCMC
West Midtown CBD East 48% 61% CBD Central Fringe East West 14% 11%
South South West 16% South 10% 31%
Sold Units Sold Units Luxury High-end Mid-end Affordable Luxury High-end Mid-end Affordable 6,000
12,000 5,000 10,000 4,000 8,000 3,000 6,000 2,000 4,000 2,000
1,000 UnitsSoldNo.of 0 0 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 2015 2016 Source: CBRE Vietnam, Q1 2016. 2015 2016 Source: CBRE Vietnam, Q1 2016.
25 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM Historical Selling Prices - Hanoi
Hanoi Historical Price – Luxury Condominiums Price Index
120
110
100
90 Index 80
70
60
50 2008 2009 2010 2011 2012 2013 2014 2015 Q1/2016
CBD Tay Ho West Market Average Index
Source: CBRE Vietnam, Q1 2016.
26 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM Historical Selling Prices And Rental Rates - HCMC
HCMC Historical Price and Rental Performance – District 1, District 2, District 7
200
180
160
140
120
100 Index 80
60
40
20
0 2007 2008 2009 2010 2011 2012 2013 2014 2015 Q1 2016
D1 Luxury Condominiums - Primary Price Index D2 High-end Condominiums - Primary Price Index
D7 High-end Condominiums - Primary Price Index D1 Buy-to-let Apartments - Rental Index Source: CBRE Vietnam, Q1 2016.
27 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM CBRE Sales: More Foreign Buyers, at Higher Level, for Investment Purpose
Owner-occupier Buy-to-let Investors Buy-to-gain Investors
Q1 2016 18% 28% 54% Q1 2015 62% 19% 19%
* The analysis above is based on CBRE Vietnam’s residential closed deals and should not be used as a marketwise benchmark. Source: CBRE Vietnam, Q1 2016. 28 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CONDOMINIUM CBRE Sales: More Foreign Buyers, at Higher Level, for Investment Purpose
Buyers by Origin 20% 24% Q1 2016 By Unit Size North-based (sm) 13% Offshore Buyers 0% Q1 2015
68% 76% Buyers by Age 27% 19% 34% 33%
Q1 2016 52% Q1 2015 14%
By Nationality South-based 30 - 40 41-50 Above 50
* The analysis above is based on CBRE Vietnam’s residential closed deals and should not be used as a marketwise benchmark. Source: CBRE Vietnam, Q1 2016. 29 CBRE | HANOI MARKET INSIGHTS | Q1 2016 20%-30% buyers take loans in mid- to high-end segments while in RESIDENTIAL AFFORDABILITY PYRAMID affordable it is around 50-70%.
Home loan offered by commercial banks
Bank Interest Maximum Max. rate(*) loan (**) payment term (years) Vietcombank 7% 70% 15 BIDV 7% Up to 100% 20 MB 8% 90%*** 15 VIB 8.5% 80% 20
Foreigners show interest and are buying. “ However, they are discerning. ”
2007 - 2012 Source: Retrieved on thebank.vn. April 4, 2016 Cash & Gold * 1st year Interest rate **As percentage of asset value 2012 - 2015 Mortgage & Home Loan *** As percentage of borrowing demand
2016 onward Guaranteed Yield Foreign Housing Ownership
Source: CBRE Vietnam, Q1 2016.
30 CBRE | HANOI MARKET INSIGHTS | Q1 2016
CBD LUXURY CONDOMINIUMS IN THE REGION Vietnam Prices Are Very Competitive
Selling Price of CBD Luxury Condominium Projects in the Region
30,000
25,000
20,000
15,000
10,000
5,000 AskingPrice (US$/sm) 0
Min. Price (US$/sm) Max. Price (US$/sm)
Source: CBRE Vietnam, Q1 2016.
31 CBRE | HANOI MARKET INSIGHTS | Q1 2016
CBD LUXURY CONDOMINIUMS IN SINGAPORE
Ardmore II Boulevard Vue Singapore, 118 units, 36F Singapore, 28 units, 33F Completion: 2010 Completion: 2013 Asking price: US$20,000- Asking price: US$23,000 - $26,000/sm $21,000/sm Lap pool (25 m), Reflection pool, Jacuzzi, Spa, Parkview Eclat Lap pool (50 m), Resort pool (25 m), Pool Steam bath, Dining area, BBQ pits, Theme Singapore, 35 units, 18F deck, Junior pool, Playground, BBQ deck garden, Playground, Fitness center Completion: 2008 Fitness center Asking price:
Goodwood Residence US$22,000 - $24,000/sm Singapore, 210 units, 12F Lap pool, children’s pool, Completion: 2013 pool deck, Spa, Pavilion, Asking price: US$18,000 - $20,000/sm Salvador Deli sculpture, Pool, Spa, Pool deck, Steam bath, Jacuzzi, BBQ pits, Outdoor Alfresco, Clubhouse, Lounge, BBQ pits, Playground Fitness center Fitness center, Tennis court
Source: CBRE Vietnam and CBRE Singapore. 32 CBRE | HANOI MARKET INSIGHTS | Q1 2016
CBD LUXURY CONDOMINIUMS IN BANGKOK
The Ritz Carlton Nimit Langsuan Marque Sukhumvit Residence Bangkok, 187 units, 53F Bangkok, 147 units, 77F Bangkok, 200 units, 77F Completion: Q2 2018 Completion: Q4 2016 Completion: 2016 Asking price: Asking price: US$8,900/sm Asking price: US$7,500 - US$8,900/sm 400-sm recreational park, 25-m swimming Roof top private club, pool with whirlpool & Jacuzzi, fitness room, $10,000/sm aerobics/yoga studio, separate male/female ‘greenhouse’-style lush Outdoor Swimming Pool and Gardens, steam rooms and saunas, private massage Sundeck and Cabana Area, Fitness garden, swimming pool, room and full-size squash court, relaxation Center, Yoga and Pilates Room, Screening Fitness Center. terrace, sky library, sky deck, celestial Room, Game Room, Residential Club garden, golf simulator, kid’s quarter, and sky cigar and wine bar, gallery lobby, semi- Lounge and Bar, Meeting Area, Library private meeting room, multipurpose room, Source: CBRE Vietnam and CBRE Thailand. 33 and outdoor CBRE | HANOIterrace. MARKET INSIGHTS | Q1 2016 CONDOMINIUM Professionalising the Process
2015
Intensive technical training for car sales persons. How about property sales persons? Source: CBRE Vietnam, taken in January 2016.
2016 PROFESSIONAL SALES TRAINING EVENTS Industrial-scale: 300 – 5,000 Sales Venue: Hotel Ballroom
34 CBRE | HANOI MARKET INSIGHTS | Q1 2016 REAL ESTATE INVESTMENT CHANNELS Inefficiency in the market?
Change in Price of Land, High-end Condos and Real Estate Sector in VN-Index Hanoi HCMC 140 180 130 160
120 140
120
110 Index
Index 100 100 80 90 60 80 40 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 2013 2014 2015 2016 2011 2012 2013 2014 20152016
• Base year: 2010 for HCMC, Q4/2013 for Hanoi • Land Price: HCMC District 1, based on CBRE recorded transaction deals, therefore may not represent the whole market; Hanoi New CBD, based on CBRE’s tracked asking prices therefore may not represent the whole market. • New Condo: selling price on primary market • Old Condo: selling price on secondary market • VN-index of Real Estate Holding & Development companies Source: CBRE Vietnam, Stockbiz, RCA, February 2016
35 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HOSPITALITY
36 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HOSPITALITY Airline industry gets active – more flights, more tourists
All Nippon Airways acquired 8.8% stake of New Vietstar Airlines awaits air transport Vietnam Airlines for $108 M business license
Vietnam’s privately-owned airline went IPO Rising flight demand to shortage of pilots
Air New Zealand (seasonal) and Emirates launch direct service to Vietnam in Q2
37 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HOSPITALITY More hotel deals and tourism facilities
Will the world’s longest cable car system Will tourism be entertainment-driven? add value to Fansipan’s tourism?
Hyatt and Thaigroup to build US$165 million Hilton’s third hotel opens in 2018 hotel in Hanoi
38 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HOSPITALITY Improved connectivity picks up Ho Tram & Ha Long
Sanctuary Ho Tram Ho Tram (P2) - 44 villas
Saint Simeon - 46 villas
The Grand Ho Tram - 59 villas
The Hamptons - 25 villas
Ha Long
Little Vietnam FLC Resort - 109 villas Vinhomes Dragon Bay 380 villas
Lotus Residence - 159 villas 39 CBRE | HANOI MARKET INSIGHTS | Q1 2016 SECOND HOME MARKET Significant Increase in Second Home Villas and Condos Sales
Phu Quoc Nha Trang Da Nang
1,335 units 1,357 units 850 units 481 units units 185 180 units units 103 units 0 7 units
2014 2015 Q1 2016 2014 2015 Q1 2016 2014 2015 Q1 2016
Source: CBRE Vietnam. Source: CBRE Vietnam. Source: CBRE Vietnam.
High End Mid End Low End Industrial Zone
40 CBRE | HANOI MARKET INSIGHTS | Q1 2016 SECOND HOME MARKET The Metamorphosis of Phu Quoc 202 licences awarded as of 2015
25 projects under- construction Vinpearl Resort Vinpearl Safari 54 projects in the pipeline
Grand World Source: Kien Giang Planning Department and BCI Asia
Novotel Hotel
Sunset Sanato JW Marriott Hotel
InterContinental Hotel 41 CBRE | HANOI MARKET INSIGHTS | Q1 2016 HOSPITALITY Phu Quoc - The marathon to become the next pearl of Vietnam
International Destination Local Destination Flight per day Phuket 32 cities 6 cities 227 Phu Quoc 2 cities 3 cities 18
PHUKET, THAILAND PHU QUOC, VIETNAM Finland Russia China (20 Germany cities) South Hanoi Korea Switzerland Hong Kong
United Arab Emirates
Siem Reap Qatar
Philippines HCMC
Can Tho Malaysia Singapore
Singapore Indonesia Australia 42 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE
43 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE Hanoi Q1 2016 Performance
Grade A Net Absorption (Q1 2016) Hanoi Future Office Supply 500,000 Grade A 23,860 sm 400,000 300,000 Grade B 200,000 1.5% (sm) GFA 33.4% Y-o-Y Q-o-Q 100,000 0 2016f 2017f 2018f
30,000 35%
Average Rental (US$/month/sm) 25,000 30% 20,000 25% 15,000 Grade A: $28.1 Grade B: $17.8 20% 10,000
15% Vacancy rate (%) rate Vacancy 4.2% 6.3% 1.8%
5,000 0.3% 0 10% Q-o-Q Q-o-Q Y-o-Y Net absorption (sqm) absorption Net Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q-o-Q -5,000 5% 2014 2015 2016 -10,000 0% Net absorption - Grade A Vacancy rate - Grade A
44 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE HCMC Q1 2016 Performance
Grade A Net Absorption (Q1 2016) HCMC Future Office Supply 200,000 750 sm Grade A 150,000 Grade B
80% 8% 100,000 GFA (sm) GFA Q-o-Q Y-o-Y 50,000
0 2016f 2017f 2018f
40,000
23% 35,000 Average Rental (US$/month/sm) 30,000 18% 25,000 13% Grade A: $35.7 Grade B: $19.7 20,000
15,000 8%
10,000 1.0%
3% (%) rate Vacancy 0%
5,000 Q-o-Q 4% 4% Net absorption (sqm) absorption Net 0 -2% Y-o-Y Q-o-Q Y-o-Y Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2014 2015 2016
Net absorption - Grade A Vacancy rate - Grade A
45 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE Market performance – Hanoi vs. HCMC Average asking rentals (US$ psm pm)
40 35 Grade A 30
25
pm) Grade B 20 15 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Asking rents (US$ psm psm (US$ rents Asking 2014 2015 2016 Grade A - HCMC Grade A - Hanoi Grade B - HCMC Grade B - Hanoi
Vacancy (%)
40%
30%
20%
10%
0% Vacancy (%) Vacancy Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2014 2015 2016 Grade A - HCMC Grade A - Hanoi Grade B - HCMC Grade B - Hanoi
Source: CBRE Vietnam, Q1 2016
46 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE SUPPLY Hanoi - Accelerating supply 2018 Hanoi 2016 2017 2018
Grade B Grade B Grade B Grade B Grade B Grade B Grade B Grade A 789 BUILDING HANDICO TOWER VINACOMIN TOWER VIETTEL THE ONE Cau Giay Dist. South Tu Liem Cau Giay Dist. OFFICE & Dist. 1 GFA: 65,625 sm GFA: 29,040 sm GFA: 103,100 sm TRADE CENTER GFA: 15,000 sm Grade A Dist. 10 Grade A GFA: 30,000 sm
VIETINBANK TOWER Tay Ho Dist. GFA: 100,000 sm
Grade B Grade B Grade B HUD TOWER DISCOVERY COMPLEX Cau Giay Dist. Cau Giay Dist. GFA: 56,000 sm GFA: 45,100 sm
47 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE SUPPLY HCMC - Accelerating supply 2018 2016 2017
Grade B Grade A Decentralised Grade A Grade B Grade B Grade A Grade A Grade B Grade A VIETTEL THE ONE OFFICE & SAIGON M&C HA DO HQC ROYAL MAPLETREE DEUTSCHES HAUS SAIGON ETOWN CENTRE Dist. 1 TRADE CENTER TOWER BUILDING TOWER BUSINESS Aug 2017 CENTRE (P2) Q3 2017 GFA: 15,000 sm Dist. 10 Dist. 1 Q3 2016 Q2 2016 CENTRE Dist. 1 Q2 2017 Dist. 4 GFA: 30,000 sm GFA: 49,000 sm Tan Binh Dist. Dist. 7 Q4 2016 GFA: 38,621 sm Dist. 1 GFA: 67,760 sm No visible GFA: 32,000 sm GFA: 26,726 sm Dist. 7 GFA: 40,000 sm construction GFA: 30,000 sm 2017 (cont.) THE KHAI TOWER + THE PRICE Q4 2017 Dist. 7 GFA: ~ 40,000 sm
48 Construction status (as CBRE of | HANOI Mar MARKET 2016) INSIGHTS | Q1 2016 Grade B OFFICE Larger Deals – Higher Speeds
Average size per deal (sm) – Grade A & B By Enquiry Purpose - Relocation > 1,000 sm Grade A Grade B Hanoi HCMC Q1 2016 9% 14% 76% 0% New letting 2015 24% 14% 53% 8% Expansion
~ 223 sm ~ 300 sm Q1 2015 27% 33% 40% 0% Relocation ~ 202 sm ~ 197 sm ~ 177 sm 2014 25% 39% 22% 14% ~ 134 sm Renewal 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Q1 2016 Q1 2015 Q1 2016 Q1 2015 By Deal Size – bigger deal size recorded compare to previous quarter Speed (month) - Grade A & B Tenant by purpose 5 months 4 months 2016 Q1 2016 56% 6% 13% 25% 0-249 36% 29% 2015 250-499 2015 54% 25% 18% 3% 500-1,999 New letting Q1 2015 67% 33% 2,000+ 71% Hanoi HCMC 64% 0% 20% 40% 60% 80% 100%
Source: CBRE Vietnam, Q1 2016 Relocation & Number based on CBRE’s deal. 49 CBRE | HANOI MARKET INSIGHTS | Q1 2016 Expansion OFFICE Tenant Nationality by Source – Hanoi 41% The Americas 10%
Hanoi 12% 30% 47% 60% EMEA
Asia Pacific
Ho Chi Minh City 2016 2015
Source: CBRE Vietnam, Q1 2016, based on CBRE’s deal. 50 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE Tenant Nationality by Source – HCMC The Americas
Hanoi
19% 8%
6% EMEA
13%
75% Asia Pacific 60%
Ho Chi Minh City 2016 2015
Source: CBRE Vietnam, Q1 2016, based on CBRE’s deal. 51 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE Most Active Industries In The Market
2016 SOURCING 2016
Growing sourcing sector: TECHNOLOGY/ ELECTRONIC/ IT • Occupying more spaces • Renew longer lease term
MANUFACTURING 2015 New entrant: GAP, Walmart
Sourcing
BANKING/ FINANCE/ INSURANCE
CONSULTING 2014 LOGISTICS/ TRANSPORTATION
PHARMACEUTICAL
Source: CBRE Vietnam, Q1 2016 Number based on CBRE’s enquiries only. 52 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE APAC Office Leasing Demand Mixed picture for OFFICE demand. TMT sector continues to drive leasing activity
Business Services Financial Global Banking Insurance Tech/ I.T.
Greater China
Japan
South Korea
Pacific
Singapore
Other SEA
India
Increasing Decreasing Stable Source: CBRE Research, January 2016. Demand Demand Demand Note: Business Services sector includes but not limiting to legal firms, professional consulting and advisory firms, accounting firms and outsourcing management etc. 53 CBRE | HANOI MARKET INSIGHTS | Q1 2016 OFFICE APAC Occupier Survey 2015/16 HO CHI MINH CITY TENANTS
LANDLORDS
Source: CBRE Research, APAC Occupier Survey, Jan 2016 54 CBRE | HANOI MARKET INSIGHTS | Q1 2016 Liz: updated Auckland & New Delhi Supply OFFICE Development pipeline of Grade A in CBD+
Sydney Brisbane Auckland 2016F 2017F 2018F Ho Chi Minh City Perth Melbourne Bangkok Singapore Taipei Hanoi Manila Seoul Hong Kong Beijing Mumbai Tokyo Guangzhou New Delhi Shenzhen Bangalore Jakarta Shanghai 0 5 10 15 20 25 30 Million sq. ft. NFA Source: CBRE Research, January 2016.
55 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INDUSTRIAL
56 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INDUSTRIAL Infrastructure Improvement and Opportunities in Second-tier Cities
Herberton to invest $120 million in garment plant in VSIP Hai Phong, 11 hectare
Unilever started construction of its Northern Plant In VSIP Bac Ninh
Nestle to build a 2nd plant in Thang Long 2 IP in Hung Yen, 15 hectare
Hyosung to invest $660 million in garment plant Nhon Trach 5, Dong Nai, 22 hectare
Hanoi – Hai Phong Highway
Before Now 57 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INDUSTRIAL AND LOGISTICS Manufacturing and Logistics mania
58 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INDUSTRIAL AND LOGISTICS Manufacturing and Logistics mania
New entrants + Expansion - Last 6-18 months
. Nokia / Microsoft ►► North Vietnam @ $276 mil. . Samsung Electronics: 2nd mega campus ►► Thai Nguyen @ $5 bil. and 3rd mega campus ►► SHTP, HCMC @ $1 bil. (2014). . Unilever ►► VSIP Bac Ninh @ $40 mil. (Dec. 2015) . Nestle ►► Thang Long 2 IP, Hung Yen for 17 ha plant. . China’s Texhong Textile ►► Hai Yen IP, Quang Ninh @ $300 mil. . Camoplast leased 7 hectares @ VSIP 2 (early 2014). . Taiwan Cheng Loong ►► Ascendas Protrade Tech Park @ $1 bil. for 75 ha. plant . Maruzen Foods Corporation ►► My Phuoc 3 IP, Binh Duong @ $100 mil for 13 ha Food & Beverages plant. . Panasonic ►► VSIP 2 @ $38 mil. for Eco solution plant (2014) . Taiwan motorbike producer Kymco ►► Dai Dang IP, Binh Duong @ $23 mil. for 6 ha factory (2014) . Worldon (China based Shenzhou International) ►► Dong Nam IP, increased in investment capital from $140 mil. to $300 mil. for 45 ha textile campus.
59 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL
60 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Hanoi Q1/2016 Performance
Hanoi Future Retail Supply
Net Absorption (Q1 2016) 200,000 160,000 5,199 sm
120,000
80,000
-96% (sm) NLA Q-o-Q 100% 40,000 Y-o-Y 0 2016 2017 2018
Hanoi Retail Net Absorption
180,000 25% Average Rental Ground Floor (US$/month/sm)
140,000 20% CBD: $84.7 Non-CBD: $30.3
100,000 15%
60,000 10%
1.8% 1.0% 3.2 % 3.2 %
Net Absorption (sm) Absorption Net Vacancy rate (%) rate Vacancy 20,000 5% Q-o-Q Y-o-Y Q-o-Q Y-o-Y
-20,000 0% 2011 2012 2013 2014 2015 Q1 Net absorption Vacancy rate
61 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL HCMC Q1/2016 Performance
HCMC Future Retail Supply Net Absorption (Q1 2016) 1,500,000
1,200,000
62,730 sm 900,000
600,000
20% (sm) NLA Q-o-Q 1,500% 300,000 Y-o-Y - 2016e 2017e 2018e
HCMC Retail Net Absorption Average Rental Ground Floor (US$/month/sm)
100,000 24
80,000 20 60,000 16 CBD: $125.0 Non-CBD: $38.6
40,000 12
20,000 8
5.1% 16.6% 4.77 % 3.7%
0 4
Vacancy Rate (%) Rate Vacancy
Net Absorption (sm) Absorption Net Q-o-Q Y-o-Y Q-o-Q Y-o-Y -20,000 0 2014 2015 2016 Net absorption Vacancy rate
62 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL – SIGNIFICANT SUPPLY IN 5 YEARS – HANOI
Ciputra Hanoi Mall • Location: Tay Ho Dist. • 130,000 sqm GFA
Vincom Exchange City • Location: Tu Liem Dist. • 23,140 sqm GFA • Opening: Q4 2016
Vincom Starbowl • Location: Dong Da Dist. • 51,234 sqm GFA • Opening: Q4 2016
Le Parc by Gamuda • Location: Hoang Mai Dist., Hanoi • 20,809 sm GFA • Opening: End of 2015 63 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL New Openings in HCMC
Q1 2016 Later this year …
Vincom Plaza Le Van Viet Lotte Mart Aeon Mall Binh Tan
• Hiep Phu Ward, District 9 • Go Vap Dist. • Binh Tan Dist. • 43,000 sm NLA • 40,000 sm GFA • 59,000 sm NLA • Summer 2016 • March 2016 • April 2016 Saigon Centre Phase 2 Union Square
(upgrade & re- • District 1 opening) • 50,000 sm NLA
• July 2016 • District 1 • 39,454 sm GFA • Q4 2016 64 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL HCMC – SIGNIFICANT SUPPLY IN 5 YEARS
Union Square • Dong Khoi Str. • 40,000 sm GFA • To open in Q4 2016 Estella Heights • Hanoi Highway • 26,000 sm NLA • To open in 2019
Berjaya Financial Center • Ba Thang Hai Str. • 156,000 sm • To open in 2019 Vincom Center Mall • Tan Cang, BT Dist. • 59,000 sm NLA • To open in end 2017
Saigon Centre Tax Center • Le Loi Str. • Le Loi – Nguyen • 55,500 sm GFA Hue Str. The One (Takashimaya: 15,000 • 35,000 sm GFA • Pham Ngu Lao Str. sm) • To open in 2019 • 48,000 sm GFA 65 • To open in Q4 2016 CBRE | HANOI MARKET INSIGHTS | Q1 2016 • To open in 2017
RETAIL New brands in 2016
More players likely to come
66 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Vingroup buys out other retailers – expansion in 2nd and 3rd tier cities
Phu Tho Hai Phong Ha Long 100 2020
Vincom Mega Mall Buon Me Thuot 40 2016
Vincom Plaza 12 2015 Vincom Center 5 2013
Dong Nai Can Tho An Giang
1 2004
Number of Vincom shopping centers
67 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Expansion and Scale down
CBRE Enquiries Plan for expansion
1% 5% 11% 0% 15% 35% 7% 9% 3% 12% 53%
10% 38% 1%
Q1/2016 Q1/2015
Reassessing growth prospect
Source: CBRE Vietnam, Q1 2016 Number based on CBRE’s enquiries only.
68 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Driven by high-street demand
Homogeneous + Trade Mix
Sidewalk sprawl
69 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Underground retail
HANOI HCMC
10,000 sm land area Opening in 2024 Shopping centre is proposed to be located 45,240 sm underground over three floors of the underground car 21,600 sm walking streets and square park.
Source: Thanh Nien News, retrieved on Mar 10, 2016
70 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Regional comparison
Occupancy cost (US$/sm)*
1,800 60
1,500 50
1,200 40
900 30
600 20
Rent (US$/sm)Rent 300 10 Management fee(US$/sm) Management
0 0
India
China
Japan
Taiwan
Vietnam
Thailand
Indonesia
Singapore
Philippines
Hong Kong Hong South Korea South
Prime Rent Prime Management Fees Source: CBRE Research. Occupancy cost = Rent + Serviced charge
71 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL APAC Retail Leasing Demand Leasing demand still led by F&B retailers Child Department Luxury F&B Fast Fashion Sports -related Stores
Greater China
Japan
South Korea
Pacific
Singapore
Other SEA
India
Increasing Decreasing Stable Source: CBRE Research, January 2016. Demand Demand Demand
72 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Retail sales continue to grow but performance varies by market
Accelerate Mild change Decelerate
12% 2011-15F Travel Hotspots for 2016F-20F 10% Chinese tourists
8%
6%
4%
based based retailing growth (CAGR) 2% -
Store 0%
India
China
South
Korea
Japan
New
APAC
Region
Taiwan
New
Japan
Zealand
South South Korea
Vietnam
Thailand
Australia
Malaysia
Zealand
Indonesia
Thailand
Australia
Singapore
Philippines HongKong
Source: Euromonitor International, NZIER, December 2015.
73 CBRE | HANOI MARKET INSIGHTS | Q1 2016 RETAIL Development pipeline of Grade A in CBD+
Perth Adelaide Auckland 2016F HCMC Brisbane 2017F Mumbai 2018F Taipei Jakarta New Delhi Melbourne Hanoi Sydney Singapore Seoul Hong Kong Tokyo Metro Manila Bangkok Beijing Guangzhou Shenzhen Shanghai 0 5 10 15 20 25 30 35 40 Development Pipeline (million sq. ft.) Source: CBRE Research, January 2016.
74 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INVESTMENT
75 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INVESTMENT Land values in big cities
High price Low price
3,000
2,500GFA)
2,000sm (US$/
m2 GFA) m2 1,500
($/ Accommodation Accommodation value
1,000PLOT LOW 5 7 6 6 4 6 6 6 6 6 5 6 6 5 5 1 6 Land price per plot ratioplot priceper Land RATIO 500 HIGH 8 11 12 12 8 12 12 10 12 16.5 8 12 12 10 10 6 12
0
)
sm
(US$/ Land Land price
Source: CBRE Vietnam, Q1 2016. District 2 excludes Thu Thiem, District 9 includesPhuoc Long and Phu Huu only Hanoi CBD Districts include Dong Da, Ba Dinh and Hai Ba Trung The land price ranges included in this presentation have been included as a broad guide only.76 Land prices are subject to various positive CBRE and | HANOI negative MARKET attributes, INSIGHTS including | Q1 but 201 not6 limited to, proposed/approved plot ratio, permitted uses, land size, location, clear legal status and other restrictions. CBRE does not accept any liability under any cause of action including negligence for any loss arising from use of or reliance upon this information. MAJOR INVESTMENT DEALS IN Q1 2016
Somerset Vista, HCMC Vista Walk, HN Empire City, HCMC TNR Tower, HN Duxton Hotel, HCMC ● Investor: CapitaLand ● Investor: CapitaLand ● Investor: Keppel Land ● Investor: TNR Holding ● Investor: New Life RE ● Seller: Nguyen Binh Trading ● Seller: Nguyen Binh Trading ● Seller: Empire City Ltd. ● Seller: Vingroup ● Seller: Low Keng Huat ● Value: US$13.9 mil. ● Value: US$32.6 mil. ● Value: US$93.9 mil. ● Value: US$110 mil. ● Value: US$49.2 mil. ● Scale: 100 units ● Scale: 10,000 sm ● Scale: 14.6-hectare ● Scale: 63,715 sm GFA ● Scale: 198 rooms
Source: DealstreetAsia, RCA Q1 2016
January March
Nguyen Kim Site, D4-HCMC ● Investor: Phat Dat ● Seller: Nguyen Kim JSC (44%) + AGM (25%)+Kim Long+Vinafood 2 ● Value: US$40 mil. ● Scale: 7,327.9 sm 77 CBRE | HANOI MARKET INSIGHTS | Q1 2016 INFLUX OF THAI CAPITAL
REAL ESTATE RELATED….
Jan ‘15 NGUYEN KIM ELECTRONIC NKT New Solution and Technology Development JSC ►► Central Group @ 49% stake
Aug ‘14 METRO CASH & CARRY MCC Vietnam ►► BJC @ $879 mil.
Jun ‘13 FAMILY MART Phu Thai (51%,VN) + Family Mart (44%, JP) + Itochu (5%, JP) ►► TCI
…AND OTHERS
Dec ‘15 F&B MANUFACTURER Masan Consumer Holdings and Masan Brewery ►► Singha Corp @ 1,100 mil.
Jul ‘15 PACKAGE SUPPLIER Tin Thanh Packing Joint Stock Company ►► Thai Siam Cement Group @ 80% stake
Mar ‘15 CONTRACTOR ContecCons ►► The Ton Poh Thailand Fund @ 5.9% stake
Jan ‘15 OIL & GAS Nhon Hoi Oil Refinery Complex ►► Petroleum Authority of Thailand (PTT) @ $21,500 mil.
78 CBRE | HANOI MARKET INSIGHTS | Q1 2016 20 “golden sites” were first mentioned HCMC – 20 GOLDEN SITES on Tuoi Tre News in 2007 Only 6 Golden Sites Developed
16
14 12 HD TOWER (*) VINHOMES GOLDEN RIVER (*) Only a part of the site
8 13 6 4 5 7 17
19 20 18 3 VINCOM CENTER DONG KHOI 1 SAIGON MELINH TOWER 2
9
15 11
THE ONE HCMC UNION SQUARE Source: CBRE Vietnam.
79 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CBRE INVESTOR INTENTION SURVEY 2016 More cross border investors eyeing SEA with Vietnam and Singapore on the top
* The result is based on total cross border investors. Cross border refers to respondents domiciled in a different country to the most attractive destination selected. SEA countries include Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
Source: CBRE Asia Pacific Investor Intentions Survey 2016. 80 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CBRE INVESTOR INTENTION SURVEY 2016 Investment interest is high, with 61% of respondents indicating intentions to do so.
Source: CBRE Asia Pacific Investor Intentions Survey 2016.
81 CBRE | HANOI MARKET INSIGHTS | Q1 2016 CBRE INVESTOR INTENTION SURVEY 2016 Hotels saw a surge in interest
Preferred sector for investment
Source: CBRE Asia Pacific Investor Intentions Survey 2014, 2015 and 2016
82 CBRE | HANOI MARKET INSIGHTS | Q1 2016 MARKET OUTLOOK
SUPPLY RENT OCC. RATE DEMAND HCMC HN HCMC HN HCMC HN HCMC HN
New buildings OFFICE Mature buildings
CBD RETAIL Non-CBD
High-end
CONDOMINIUM Mid-end
Affordable
SEVICED APT. Grade A
Land INDUSTRIAL Factory/ warehouse
DEVELOPMENTDEVELOPMENT SITE SITE
83 CBRE | HANOI MARKET INSIGHTS | Q1 2016 MIRROR, MIRROR ON THE WALL, WHO IS RIGHT AFTER ALL?
84 CBRE | HANOI MARKET INSIGHTS | Q1 2016 PLEASE FILL IN THE QUESTIONNAIRE
THANK YOU FOR SHARING YOUR OPINION.
85 CBRE | HANOI MARKET INSIGHTS | Q1 2016 AT CBRE, WE LIVE AND BREATHE THE BUSINESS OF REAL ESTATE Every quarter Ad-hoc QUARTERLY REPORT VIEWPOINT & SPECIAL REPORT
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86 CBRE | HANOI MARKET INSIGHTS | Q1 2016 THANK YOU
For more information regarding this presentation please contact: CBRE Vietnam Co., Ltd. – Research & Consulting T +84 8 3824 6125 F +84 8 3823 8418 Email: [email protected]
© 2016 CBRE Co., Ltd. All materials presented in this report, unless specifically indicated otherwise, is under copyright and proprietary to CBRE. Information contained herein, including projections, has been obtained from materials and sources believed to be reliable at the date of publication. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. Readers are responsible for independently assessing the relevance, accuracy, completeness and currency of the information of this publication. This report is presented for information purposes only, exclusively for CBRE clients and professionals, and is not to be used or considered as an offer or the solicitation of an offer to sell or buy or subscribe for securities or other financial instruments. All rights to the material are reserved and none of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party without prior express written permission of CBRE. Any unauthorised publication or redistribution of CBRE research87 reports is prohibited. CBRE will not be liable CBRE for | HANOIany loss, MARKET damage, INSIGHTS cost or expense | Q1 201 6 incurred or arising by reason of any person using or relying on information in this publication.